To first begin our education on home ownership we thought we would provide you with a list of some of the awesome and reputable reasons to buy a home. While renting can have it’s upsides, when it comes down to it you want to have a place to come home to at the end a long, hard day and have the feeling of success. That is why people buy homes, because it is something that they can look at and say this is mine, I accomplished enough in my life to reward myself with a place to literally call “home“. Be sure to give us a call for any questions you might have regarding home ownership.
Reasons Why Owning a Home is Something you should do NOW
1) Interest rates are at record lows and have been there for a while.
We are at a great time in our society right now for buyers with home loans being at these unbelievably low prices(lowest prices in over 5 years!) with most loans staying steady in and around the 3-5% range.
2) Renting is getting OUTRAGEOUS!
With rent all around the country skyrocketing to $5000+ for single bedroom apartments in the high rolling cities of the United States(San Francisco to give an example). In fact, right now it is the WORST time in HISTORY to be a renter. Back in 2015, there was a 57% chance that rent outgunned home values in most of the major housing markets. An almost 10% increase in rent across the country is suspected in 2016.
3) Home Price is becoming more stable and steady.
Prices on homes are finally giving back to the buyers and are staying steady for the foreseeable future. Right now is the time to buy so that your property value rises with the coming influx of economic growth in the housing market.
4) Home Down Payments are not the large load that they used to be and there are many different programs available to help with down payments.
With the right credit score(normally above 600) a person can now put as little as 3% of their down payment down to get started in buying a home.
5) Insurance of all kinds, especially mortgage, is cheap and affordable for everyone.
While we don’t normally like to talk about how great Insurance is, right now Insurance is pretty great for homeowners, especially new ones. Make sure that you are taking advantage of these new leases on life.
6) Get Ready for Some TAX BREAKS!
Tax breaks are a huge part of being a homeowner and you don’t have to be an accountant to see the massive benefits owning a home can provide for you and your family. One of the greatest things you can do for getting your tax money back is to purchase a new home. If you happen to have been promoted to a new job with a substantial pay increase it would be wise to purchase a home in the same year so that you get as much back on your first year of new income as you can. Get your money back, it is YOURS after all.